Under such a system, an employee's wages reach a peak and then begin to decline as retirement nears.

The world's fifth-largest auto group, which includes Hyundai Motor Co and Kia Motors Corp, said in a statement that the plan was the company's response to "a social need for creating jobs for the youth and stabilizing employment conditions."

The announcement comes after South Korean president Park Geun-hye last week called for "major surgery" on the economy, urging businesses to boost hiring.

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As per the suit filed, Royal Enfield has infringed Flash electronics’ patent on “Regulator Rectifier Device and Method for Regulating an Output Voltage of the Same” duly issued by the United States Patent & Trademark Office (USPTO) to Flash Electronics on February 20, 2018 after Flash’s R&D department made a breakthrough invention of the component in 2014.